STOCKHOLM, Sweden, Dec 16, 2016 /PRNewswire/ --
The MQ Group's repositioning to reach a broader target group in Sweden is continuing. Two strong retail brand chains are being formed to meet changed consumption patterns and a more digital future. The period was dominated by a high pace of renewal, while the Group delivered a stable result.
Joy is included in the consolidated statements starting from May 2016.
First quarter (September 2016-November 2016)
- Net sales amounted to SEK 433 million (382), up 13.4 percent. Like-for-like sales declined -5.4 percent (according to the Swedish Retail Institute Index, the market's comparable stores declined -2.1 percent).
- The gross margin was 63.0 percent (59.7).
- Operating profit was SEK 42 million (42), corresponding to an operating margin of 9.7 percent (10.9).
- Profit after tax was SEK 32 million (32), corresponding to SEK 0.91 (0.92) per share after dilution.
- Cash flow from operating activities was a negative SEK -10 million (pos: 3)
Events during the first quarter
- MQ's first Online Flagship Store was opened on Norrlandsgatan in Stockholm with integrated
communications for online purchases in the store.
- MQ Hansa in Malmö and MQ Luleå were refurbished according to MQ's new store concept.
The stores in Globen in Stockholm and in Örebro were updated through minor remodelling.
- The Flattered brand was launched on MQ Shop Online during the quarter.
- An agreement was signed for withdrawal from the store at Grensen in Oslo, implying a
non-recurring cost of SEK 6 million in the second quarter and will result in a reduction in
costs of SEK 2 million for the remainder of the financial year.
- Within Joy, the stores at Bromma Blocks in Stockholm, Frölunda Torg in Gothenburg and
Allum in Partille were refurbished to a more up-to-date store concept. External brands were
also introduced at Bromma Blocks in Stockholm and Frölunda Torg in Gothenburg.
- Joy's Familia store in Hyllinge was closed.
- During the quarter, the new brands Lee, Bondelid, Esprit and Saint Tropez were launched
on Joy Shop Online.
For more information, please contact:
Christina Ståhl, President and CEO
Tony Siberg, Deputy CEO and CFO
MQ Holding AB owns and operates fashion stores under two business areas: MQ and JOY. MQ is Sweden's largest retailer of fashion brands. Through a select mix of proprietary and external brands, MQ offers high-fashion menswear and womenswear in attractive stores. JOY targets fashion-conscious women at midlife who desire excellent quality, fit and comfort. The two business areas currently comprise a total of 176 stores as well as online sales. The MQ Holding share has been listed on Nasdaq OMX Stockholm since 18 June 2010. For more information, please visit our website at www.mq.se.
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SOURCE MQ Group